Posted On September 22, 2016 By In Business And 859 Views

ICICI Prudential Life IPO gets subscribed more than 10 times

The Initial Public Offer (IPO) of ICICI Prudential Life Insurance Company Ltd — a first by an insurance entity — received a strong response from investors with the
offer getting subscribed 10.47 times. According to data from the National Stock Exchange (NSE), the issue received bids for 138.58 crore shares till 7:30 pm on Wednesday — the last day for bidding. A total of 13.24 crore shares were on offer in the price band of Rs.300 to Rs.334. In other words, the IPO received bids worth almost Rs.46,250 crore. The issue size is more than Rs.6,000 crore. The total offer is for 18.13 crore shares, which includes anchor investment portion of 4.89 crore shares. On Saturday, the company allotted 4.89 crore equity shares at Rs.334 per share aggregating to Rs.1,635.33 crore to anchor investors. The investors included Morgan Stanley, Goldman Sachs, Nomura, Government of Singapore, UTI Mutual Fund, Russell Investment, GMO Emerging, SBI Mutual  Fund, Tata Mutual Fund, HDFC Standard Life, Reliance, Birla Sun Life, Kotak Mahindra and IDFC, among others. Though the category-wise bid details for the IPO were not available at the time of going to press, it is believed that all categories – institutional, retail and high net worth individuals – have been over subscribed significantly.


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